Starbucks to close more than one hundred coffee shops

ST LOUIS-  Starbucks will close about 150-locations next year 2019.

The affected stores are located in mostly urban areas that are densely populated with Starbucks locations. The company told investors late Tuesday that it expects same-store sales to grow just 1% for the quarter that begins next month, lowering its previous guidance.

Earlier this month Starbucks raised the price of its brewed coffee 10 to 20-cents at the majority of its company-owned stores.

It is told more competition from other upscale coffee houses as well as lower-priced specialty coffee from McDonald’s and Dunkin Donuts is affecting sales.